The Securities and Exchange Board of India told the Supreme Court on Wednesday that Sahara group overvalued its properties and did not hand over all original title deeds of assets worth Rs 20,000 crore as per its direction.
The market regulator said that apex court’s order has not been complied with by the group and assets whose documents were given to it are worth much lessthan Rs 20,000 crore.
A Bench of Justices K. S. Radhakrishnan and J. S. Khehar expressed displeasure on the issue but refrained from passing any order as the Sahara’s arguing counsel was not present in the court.
“It is a mockery of our order if it has been complied with in this way,” the Bench said, and posted the case for hearing on Thursday after Sahara sought adjournment on the ground of non-availability of its counsel.
It told the group that no excuses would be entertained tomorrow when the matter would be taken up for hearing.
Sahara gave SEBI documents of two plots of land. One of the two properties is a 106-acre land in Versova, a western suburb, which, according to it, is worth around Rs 19,000 crore, and the other is a 200-acre land in Vasai, which it estimates to be worth about Rs 1,000 crore. The valuation of the properties was challenged by SEBI.
SEBI contended that a portion of the properties were in the “thick” of litigation.
Holding that it was playing “hide and seek” and cannot be trusted any more, the apex court had on October 28 directed the group to hand over title deeds of its properties worth Rs 20,000 crore to SEBI with a warning that failure to comply its order to the satisfaction of the market regulator within three weeks would mean Sahara chief Subrata Roy cannot leave India.